CALGARY — Suncor Energy Inc. (TSX:SU) says it will spend between $4.5 billion and $5 billion in 2018 to deliver average upstream production of about 760,000 barrels of oil equivalent per day.
The midpoint in spending guidance represents a decline of about $750 million from the 2017 budget and is largely in line with analyst expectations.
The Calgary-based company, Canada’s largest energy firm by market capitalization, says its spending next year will largely be focused on sustaining operations given major planned maintenance projects in oilsands upgrading operations and at its Edmonton refinery.
CEO Steve Williams says the company will be positioned to return cash to shareholders through dividends and share buybacks next year as production rises from its new Fort Hills oilsands mine and Hebron oilfield project offshore Newfoundland and Labrador.